GRAINS-Chicago wheat near 2-year high, corn at 1-year high on weather concerns
PARIS/BEIJING, April 29 (Reuters) - Chicago wheat futures hit their highest point in nearly two years on Wednesday, while corn hit a one-year high, supported by weather concerns in the U.S. and a rise in crude oil prices linked to the Iran war.
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.8% at $6.63 a bushel, as of 1130 GMT. The contract has gained more than 10% in the past two weeks.
"Prices are rising on the back of drought conditions across US winter wheat regions, developing dryness in Australia, and the potential for reduced yields from reduced nitrogen application in 2026," said Dennis Voznesenski, an analyst at Commonwealth Bank in Sydney.
Rainy weather in the U.S. Plains wheat belt could alleviate some of the drought stress on crops, but some areas may have already experienced yield loss. Upcoming rain is forecast to miss other dry areas.
The report released on Tuesday by the U.S. Department of Agriculture's attaché in Australia projected the country's 2026/27 wheat harvest at 29 million metric tons, down 19% from the prior year.
Corn Cv1 climbed 0.4% to a new one-year high of $4.77-1/4 a bushel, buoyed by strong export demand and weather concerns in the U.S. corn belt.
Expectations of reduced planting due to high fertiliser costs have also supported corn futures.
Early U.S. soybean and corn planting has been progressing well, though storms expected in the U.S. Midwest could delay seeding in some areas.
Midwest rains are expected to taper by the middle of the week, so farmers are unlikely to remain sidelined for long.
Soybeans Sv1 rose 0.4% to $11.94-1/4 a bushel.
In Brazil, soybean exports were seen reaching 15.87 million tons in April, down slightly from the previous week's estimate of 16.39 million tons, according to ANEC.
The Netherlands flagged four Argentine and two Brazilian soybean meal shipments containing banned genetically modified organisms, leading to at least three withdrawals and prompting Argentina on Tuesday to question Dutch testing methods.
Commodity funds were net buyers of CBOT wheat, corn, and soyoil, traders said on Tuesday. CBOT/FUNDS
Prices at 1130 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 662.75 | 5.00 | 0.76 |
CBOT corn Cv1 | 477.25 | 1.75 | 0.37 |
CBOT soy Sv1 | 1194.25 | 5.00 | 0.42 |
Paris wheat BL2U6 | 216.00 | 1.75 | 0.82 |
Paris maize EMAc1 | 222.50 | 2.25 | 1.02 |
Paris rapeseed COMc1 | 596.25 | -66.75 | -10.07 |
Euro/dlr EUR= | 1.17 | 0.00 | -0.07 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne | |||
Recommended Articles
Comments (0)
Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.